2nd Mini-Forum for Northern European Region

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2nd Mini-Forum for Northern European Region

• EuroPEX Discussion Points
• Copenhagen, 27th of June 2006

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Transparency The Goals

• Facilitating monitoring of market developments
  for both regulators and other stakeholders
• Promoting market participation resulting in
  increased competition and liquidity of the
  markets
• Levelling playfield for the different trading
  arrangements in similar products
• Reducing the risk that the data available
  provides a distorted picture of the markets and
  their openness to manipulation

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Transparency Consistency and Adequacy of
Information Disclosure

• Minimum standards to be applied EU-wide
• coverage minimum set of information disclosed
• level of detail unified for the minimum set of
  information
• definition unified to allow effective use of
  information
• time resolution and updating frequency
  simultaneously
• format ready to use by IT systems
• Information is to be published rather than
  provided on request
• Public disclosure of effective ring-fencing and
  firewalls methods used between the grid
  operation branches and the rest of vertically
  integrated companies in order to raise trust in
  the markets

4
Transparency PXs as Common Information
Publishers

• Improving effectiveness of information publishing
  and transparency
• single point of reference for market data in a
  jurisdiction
• timely and logically consistent disclosure of all
  relevant information in a jurisdiction (or more
  of them)
• PXs have no direct interest in the markets and
  can gain no advantage from withholding
  information
• independence from market participants
• non-discriminatory access to information
  disclosed
• proven capability to manage commercially-sensitive
  information
• technical competence and established information
  systems already in place
• PXs can facilitate cross-border access to
  information as their membership is already
  multinational